Features

Best Egg is a trademark of Marlette Funding LLC, a national lender of unsecured loans that was founded in 2014 by a group of former Barclays PLC bankers. In just 10 months, Best Egg arranged $200 million in consumer loans. It took LendingClub 5 years to reach that milestone. As of December 2016, Best Egg has issued over $2.5 billion in loans. Best Egg is based in Wilmington, Delaware and has an A+ rating with the BBB.

How Does Best Egg Work?

Best Egg provides a marketplace to connect investment managers, banks, and other financial institutions with borrowers. It is similar to the service offered by Prosper and LendingClub. However, Best Egg does not allow small investors to provide funding and requires lenders to buy only whole loans. Another difference is that Best Egg aligns its interests with investors by taking on some of the risk of a loan defaulting while also taking a greater share of the profits.

Loan applications are processed online, and qualified borrowers could have their funds deposited in as little as a day. Unlike other loan marketplaces that require a waiting period to find investors to take on a loan, Best Egg has large institutions ready to fund qualified applicants. All loans are made by Cross River Bank, a New Jersey chartered bank that is insured by the FDIC.

What Are The Rates and Fees?

Rates range from 5.99% APR to 29.99% APR. There is also a .99% to 5.99% origination fee, which is included in the APR but deducted from the loan amount. Best Egg doesn't specify the criteria borrowers must meet to qualify for its best rates. Depending on your credit profile you could get an excellent rate that rivals what you can expect from banks and credit unions or one that is as high as the worst of credit cards.

How Much Money Can I Borrow?

Loan amounts with Best Egg range from $2,000 to $35,000. Borrowers can choose between a 3 or 5-year term. Notice those are the only two terms you can choose from and that the 5-year term always comes with a 4.99% origination fee. However, there are no prepayment penalties, so borrowers are not charged additional fees for making extra payments or paying off the entire balance early.

In Massachusetts, the minimum loan amount is $6,000, and in Georgia, it is $3,000.

Which States Does Best Egg Operate In?

Best Egg operates in all states.

What Is the Application Process Like?

Best Egg's application form is entirely online and offers one of the simplest and fastest routes to an online loan. Approvals are fast if you meet Best Egg's loan requirements. This is because unlike other loan marketplaces, Best Egg has investors who have pre-approved borrowers that meet a certain criteria.

How Is Best Egg Better than Other Lenders?

Best Egg offers fast loans with fixed rates and fixed monthly payments. It is a huge benefit to know your fixed rate and what your monthly payments will be up front. If your credit is good, you can qualify for rates as low as 5.99% APR. There is an origination fee of .99% to 5.99% to consider, which is set at 4.99% for borrowers with a 5-year term. However, even the higher rates are competitive and loan approvals are fast because Best Egg has partnered with large financial institutions that are ready to approve eligible applicants.

  • Loan Amount
    $2000 - $35000
  • Payment Options
    • Automatic Payments
    • Check by mail
  • APR
    5.99% - 29.99%
  • Max Loan Term (Months)
    60
  • Credit Score Range
    640 - 850
  • Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
  • Military Status
    • Active Duty Military and Dependents
    • Non-Military
  • Minimum Age
    18
  • Supported Income Types
  • Verification Documents Required?
    • Recent bank statements
    • Recent pay stubs
    • Driver license (or other photo ID)
    • Proof of citizenship/residence
  • No Prepayment Fee
  • Origination Fee
    0.99% - 5.99%
  • Institution Type
    • Direct Lender
    • Other
  • Approval Speed (Hours)
    24
  • Pre-Approved Soft Credit Inquiry
  • Funding Time
    1-7 days
  • Credit Bureau Reporting
Best Egg loans are unsecured personal loans through Cross River Bank, a New Jersey chartered bank, member FDIC. Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. Loan amounts range from $2,000 to $35,000. All Best Egg loans in Massachusetts must exceed $6,000, loans in Ohio must exceed $5,000, and loans in Georgia must exceed $3,000. The Annual Percentage Rate (APR) is the cost of credit as a yearly rate. The APR ranges from 5.99% to 29.99%, which may include an origination fee of 0.99%–5.99%. Any origination fees on five-year loans will be at least 4.99%. Origination fees are deducted from loan proceeds. For example, a five-year $10,000 loan with 9.99% APR would have 60 scheduled monthly payments of $201.81, and a three-year $5,000 loan with 5.99% APR would have 36 scheduled monthly payments of $150.57. The APR offered will depend on your credit score, application information, loan amount, loan term, and credit usage history. Requests for the highest loan amount may result in an APR higher than our lowest advertised rate. You must have a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest rate. Your verifiable income must support your ability to repay your loan. Upon loan acceptance, the timing of funds availability may vary depending upon your bank’s individual policies.
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I’m a victim of identity theft and have had a fraudulent personal loan opened in my name with a company by the name of BEST EGG/SST. I have a fraud alert on my credit file, and have sent them my police report, affidavit from the FTC, and sent them information regarding this being a fraudulent account. The address on file that BEST EGG/SST have for this fraudulent account does not belong to me, and I’ve never resided at the address. This company keep trying to validate this account as being ... a valid account, because this account was opened in my name which in inaccurate. I didn’t consent, authorize, apply, nor request for this fraudulent personal loan to be opened in my name. I have several documentations showing that this is a fraudulent personal loan, but this company keep trying to validate this account with the credit bureaus as if this is a valid account. The address on file is does not belong to me, the account was not authorized to be open by me, and I’ve been a victim of identity theft over a year. The Atlanta police department deemed this fraudulent account as a fraudulent personal loan, and it is documented with the Atlanta police department that, I’m a victim of identity theft. Per the FTC if an account is reporting inaccurately or if a consumer is a victim of identity theft the account is suppose to be removed off of a consumers credit file. When a consumer is a victim of identity theft that account that was opened in the consumer name will show that the account is a valid account. Due to the fact the perpetrator who opened up the fraudulent account in the consumers name used the consumers personal information to have the fraudulent account opened. Identity theft has been on the rise for a very long time now, and several consumers are being affected by individuals stealing their personal information using it to open up accounts in the consumers name. I’m a victim of having someone steal my personal information and use it for their personal gain which has lead to this issue, I’m having with this consumer. I’m not going to be liable nor responsible for a fraudulent personal loan being opened in my name as if, I’m the one that applied for this fraudulent account. I’ve contacted legal representation and other sources to have this matter resolved deeming this account as a fraudulent account, and this account need to be deleted/removed off of my credit files asap. This is not my account, and I shouldn’t have to deal with an issue as such. How is it that this company allows anyone to open up a personal loan in somones name without proper verification? I’m looking at all of these reviews online, and it’s impossible for so many people to put up positive reviews EVERY SINGLE DAY. I’m quite sure their having someone from their company place all of these positive reviews to get individuals to apply for a loan with their company. These reviews I’m quite sure are FAKE, and it’s quite alarming after what have happened to me. I’m quite sure this have happened to a lot of other people, but they are having the reviews removed. There is no company that will keep up with reviews people rate EVERY SINGLE DAY, and reply to them like BEST EGG does daily. That’s how I know this company is a fraud, and allow anyone with personal information to get loans then owe them large amounts later on. PLEASE BEWARE OF THIS COMPANY, and how they operate. Your personal information is your life, and if a company allows anyone who get a hold of your personal information to get approved for a loan in your name. Then you know you need to stay FAR AWAY! They have all of the facts, and documentations that show this account is fraudulent, and instead of them doing the right thing to have me not be responsible for this account. They are continuously trying to deem this account as valid, and I’m going to make sure this account is taken out of my name to be won in my favor. This company is a rip off, and fraudulent. PLEASE DO NOT APPLY FOR A LOAN HERE! More Less


0 votes

I have been with Best Egg over 2 years. After an accident I became permanently disabled and had to file for bankruptcy. After several years of rebuilding my credit I applied with Best Egg for a small loan to help increase my credit rating. I have never had a problem with this company and do recommend them. Randall Ellis


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